HomeMy WebLinkAbout85-305 - Resolutions RESOLUTION NO. 85-305
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA TRANSFERRING 1985 PRIVATE ACTIVITY BOND LIMIT
TO THE REDEVELOPMENT AGENCY OF THE CITY OF RANCHO
CUCAMONGA AND APPROVING THE ISSUANCE OF CERTIFICATES OF
PARTICIPATION BY THE REDEVELOPMENT AGENCY OF THE CITY OF
RANCHO CUCtMONGA FOR THE HAVEN COMMERCE CENTER PROJECT
WHEREAB, August H. Reiter III, an individual, seeks the issuance of
tax-exempt obligations (the "Obligations") by the Redevelopment Agency of the
City of Rancho Cucamonga (the "Agency") in the principal amount of $4,565,000
to finance the acquisition, construction and equipping of a commercial project
consisting of four office buildings located at the northeast corner of Seventh
and Haven Streets in the Rancho Cucamonga Redevelopment Project Area to be
known as Haven Commerce Center (the "Project"); and
WHEREAS, the Agency has heretofore adopted its Resolution No. RA85-
01, as amended by Resolution No. RA85-O1A (the "Inducement Resolution"),
expressing its intention to finance the Project with an issue of its tax-
exempt Certificates of Participation; and
WHEREAS, the Agency is authorized, pursuant to provisions of Part 1
of Division 24 of the California Health and Safety Code (the "Act") to issue
the Obligations to finance the Project; and
WHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of
1954, as amended, there are authorized to be issued within the State of
California in any calendar year an amount of Private Activity Bonds (as
defined in said Section 103(n)) not exceeding in aggregate principal amount
the statewide limit determined as set forth in said Section 103(n); and
WHEREAS, the Governor of the State of California on July 19, 1984,
issued a Proclamation (the "Proclamation") implementing the provisions of said
Section 103(n), pursuant to which a portion of said statewide limit is
allocated to each city based on the estimated population of such city; and
WHEREAS, the portion of said statewide limit allocated to the City
for the current calendar year is $3,203,000 (the "1985 Private Activity Bond
Limit"); and
WHEREAS, the Proclamation permits the City to assign to another local
agency all or a portion of its 1985 Private Activity Bond Limit by resolution
adopted by the City Council, and the Redevelopment Agency of the City of
Rancho Cueamonga has requested the City to assign to it the amount of
$3,203,000; and
WHEREAS, this City Council desires to have the financing of the
Project completed and by this Resolution desires to transfer its 1985 Private
Activity Bond Limit to the Agency; and
WHEREAS, pursuant to the requirements of Section 103(k) of the
Internal Revenue Code of 1954, as amended, this City Council has conducted a
public hearing regarding the issuance of the Obligations by the Agency for the
Project, notice of which was published in The Daily Report at least 14 days
prior thereto;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Rancho Cucamonga as follows:
SECTION 1: Transfer of Private Activity Bond Limit. The amount of
$3,203,000 representing the City's total 1985 Private Activity Bond Limit, is
hereby transferred to the Redevelopment Agency of the City of Rancho
Cucamonga. Such transfer shall be irrevocable upon the adoption of this
resolution.
SECTION 2: Official Action. The City Clerk is hereby authorized and
directed to notify the California Debt Limit Allocation Committee established
by the Proclamation of the assignment made pursuant to Section 1 within
fifteen (15) days of the adoption of this resolution.
Resolution No. 85-305
Page 2
SECTION 3: Approval of Project and Financing. The Project and its
financing by the Agency is hereby approved. Such approval includes approval
of an installment sale financing, including the issuance of Certificates of
Participation by the Agency in an amount not to exceed $4,565,000, pursuant to
and subject to the requirements of the Act for the purpose of financing the
Project. This approval is intended to satisfy the requirements of Section
103(k) of the Code.
SECTION 4: Effective Date. This resolution shall take effect
Immediately upon its adoption.
PASSED, APPROVED, and ADOPTED this 6th day of November, 1985.
AYES: Wright, Buquet, Mikels, Dahl, King
NOES: None
ABSENT: None
,~ D~~ Mfkels, Mayorv
ATTEST:
Beverly ~. Authelet, City Clerk
I, BEVERLY A. AUTHELET, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed,
approved, and adopted by the City Council of the City of Rancho Cucamonga, at
a regular meeting of said City Council held on the 6th day of November, 1985.
Executed this 7th day of November, 1985 at Rancho Cucamonga,
California.
Beverly./A. Authelet, City Clerk